RNFI Services
Book Building issueSME₹70.81 Cr issue
+90.00%
Listing gain over issue price
Issue size
₹70.81 Cr
1 lot at cut-off
₹1,26,000
Lot size
1,200shares
Open
22 Jul 2024
Close
24 Jul 2024
Allotment
25 Jul 2024
Listing
29 Jul 2024
Listing performance
Issue price
₹105
Listed at
₹199.50
Listing-day close
₹189.55
Latest price
₹318.30
Close on 23 Oct 2026
Listing gain
+90.00%
Return since issue
+203.14%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 22 Jul 2024 – 24 Jul 2024
- Listing date
- 29 Jul 2024
- Face value
- ₹10 per share
- Issue price
- ₹105 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Total issue size
- ₹70.81 Cr
- Market cap at offer price
- ₹262 Cr
- Promoter holding
- 89.53% → 65.34% pre-issue → post-issue
- ISIN
- INE0SA001017
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Choice Capital Advisors Pvt.Ltd.
- Registered office
- UG-5, Relipay House, Plot No.42, DLF Industrial Area Kirti Nagar, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 19,08,000 | — | — |
| Market maker | 3,84,000 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹105
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,26,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,52,000 |
| S-HNI (max) | 7 | 8,400 | ₹8,82,000 |
| B-HNI (min) | 8 | 9,600 | ₹10,08,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
19,08,000
Anchor portion
₹20.03 Cr
at ₹105 per share
Valuation and performance
Valuation at offer price
₹105 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.47 | 3.99 |
| P/E (×) | 19.20 | 26.32 |
| Price to book (×) | 6.05 | — |
| Market cap | — | ₹262 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 40.92%
- ROCE
- 29.74%
- Debt / equity
- 1.02
- PAT margin
- 1.06%
- NAV per share
- ₹17.35
- Price to book
- 6.05
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About RNFI Services
RNFI Services Limited, originally incorporated as a private limited company on October 13, 2015, was converted into a public limited company in December 2023. The company operates a tech-enabled B2B and B2B2C financial technology platform providing integrated banking, digital and Government-to-Citizen (G2C) services across India. The business is organized into four segments: (1) business correspondent services, (2) non-business correspondent services, (3) full-fledged money changer service (through Material Subsidiary RNFI Money Private Limited, which is RBI registered), and (4) insurance broking (through Material Subsidiary Reliassure Insurance Brokers Private Limited, registered with IRDAI). As of June 3, 2024, the company operates through a front-end distribution network comprising over 3.60 lakh network partners with presence in 28 States and 5 Union Territories. The company processes over 115 lakhs monthly transactions and generates revenue primarily from business correspondent and non-business correspondent services, along with fee and commission-based services.
Company Analysis
from RHPRNFI Services Limited is a tech-enabled fintech platform offering banking, digital and Government-to-Citizen services through business correspondent, non-business correspondent, full-fledged money changer, and insurance broking segments on a pan-India basis.
RNFI Services Limited, originally incorporated as a private limited company on October 13, 2015, was converted into a public limited company in December 2023. The company operates a tech-enabled B2B and B2B2C financial technology platform providing integrated banking, digital and Government-to-Citizen (G2C) services across India. The business is organized into four segments: (1) business correspondent services, (2) non-business correspondent services, (3) full-fledged money changer service (through Material Subsidiary RNFI Money Private Limited, which is RBI registered), and (4) insurance broking (through Material Subsidiary Reliassure Insurance Brokers Private Limited, registered with IRDAI). As of June 3, 2024, the company operates through a front-end distribution network comprising over 3.60 lakh network partners with presence in 28 States and 5 Union Territories. The company processes over 115 lakhs monthly transactions and generates revenue primarily from business correspondent and non-business correspondent services, along with fee and commission-based services.
Financial Technology (Fintech)Payments and RemittancesDigital Banking ServicesGovernment-to-Citizen ServicesInsurance BrokingForeign Exchange/Money Changing
Objects of the Issue
- Funding the Working Capital requirements of our Company ₹2,500.00 lakhs p.27
- Funding Capital expenditure requirements for the Purchase of Micro ATMs/laptops/Server ₹1,081.34 lakhs p.27
- Strengthening our technology infrastructure to develop new capabilities ₹530.00 lakhs p.27
- Achieving inorganic growth through unidentified acquisitions and other strategic initiatives p.27
- General corporate purposes p.27
- Funding the working capital requirements of the Company ₹2,500.00 lakhs p.90
- Funding capital expenditure requirements for the purchase of Micro ATMs/laptops/Server ₹1,081.34 lakhs p.88
- Strengthening our technology infrastructure to develop new capabilities ₹530.00 lakhs p.98
- Achieving inorganic growth through unidentified acquisitions and other strategic initiatives p.88
- General corporate purposes p.100
- Deployment of Micro ATMs p.141
- Technology infrastructure development and enhancement p.141
Issue Structure
- Total Issue
- Up to ₹ [●] lakhs
- Fresh Issue
- Up to 67,44,000 Equity Shares aggregating up to ₹ [●] lakhs
- Offer for Sale
- Nil
- Price Band
- Floor Price: ₹98 per Equity Share; Cap Price: ₹105 per Equity Share
- Lot Size
- 1200 Equity Shares and in multiples of 1200 Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue primarily through fees and commissions charged to customers for services including payment and remittance solutions, utility payment services, travel services, G2C services, business correspondent services, and through partnerships with banking partners who are regulated by the RBI. Revenue is generated on a per-transaction basis, with business correspondent services and non-business correspondent services contributing the majority of revenues. The company operates as an intermediary leveraging its technology platform and network of partners to distribute banking and financial services to end consumers.
Business Segments
Provides business correspondent services to banking partners regulated by the RBI, facilitating banking and financial services distribution
Provides non-business correspondent services including payment and remittance solutions, utility payment services, travel services and G2C services
Provides foreign exchange business services through Material Subsidiary RNFI Money Private Limited, which is RBI registered as a full-fledged money changer (FFMC)
Provides insurance broking services through Material Subsidiary Reliassure Insurance Brokers Private Limited, registered as a direct (Life & General) broker with IRDAI
The company provides business correspondent services, kiosk banking services, and related financial services through tie-ups with nationalized, private and public sector banks.
The company provides delinquent loan collection services to banks and financial institutions. The company forayed into this business from FY 2022 and it has grown significantly in FY 2023 and FY 2024.
The company provides EMI collection services to non-banking financial companies and micro finance institutions apart from banks.
The company deploys and operates Micro ATMs through network partners for cash withdrawal and balance inquiry services. As of May 2024, 25,376 Micro ATMs have been deployed with plans to deploy 60,000 in FY 2025.
The company provides doorstep services for KYC authentication, utilities payment and travel bookings.
Provides transactional services including Domestic Money Transfer (DMT), Aadhaar Enabled Payment System (AePS), Micro ATM services, kiosk banking, and doorstep e-KYC services for prepaid cards and Fastag
Provides utilities and travel services (mobile recharge, DTH recharge, BBPS, PAN cards, G2C services, NPCL bills, IRCTC, flight bookings), EMI collection services, delinquent loan collections (digital, physical, telephonic), and sale/subscription of products and services
Provides foreign exchange services including purchase of foreign exchange from non-residents and residents, and sale of foreign exchange for private and business travel purposes through Material Subsidiary RNFI Money Private Limited
Provides customized insurance solutions across Motor Insurance, Health Insurance, Life Insurance, and Personal Accident Coverage through wholly-owned subsidiary Reliassure Insurance Brokers Private Limited registered as a direct broker (Life and General) with IRDAI
Comprises all services covered under Business correspondent guidelines issued by Reserve Bank of India such as AEPS, MATM, DMT etc.
Comprises all services other than Business Correspondent services which are available in Company Business Portal & used by Merchants for catering to their customers such as Recharge, Flight/IRCTC Ticket Booking, CMS, PAN, BBPS etc.
Comprises all Sale & Purchase of foreign currency & services belongs to FFMC (Full Fledge Money Changer).
Comprises all Direct Insurance broking commission (Life & general).
All services covered under Business Correspondent guidelines issued by Reserve Bank of India such as AEPS, MATM, DMT etc.
All services other than Business Correspondent services which are available in Company Business Portal & used by Merchants for catering to their customers such as Recharge, Flight/IRCTC Ticket Booking, CMS, PAN, BBPS etc.
All Sale & Purchase of foreign currency & services belongs to FFMC (Full Fledge Money Changer)
All Direct Insurance broking commission (Life & general).
SWOT Analysis
Strengths
- • Tech-enabled platform with integrated B2B and B2B2C business model across multiple segments(p.26)
- • Large network of 3.60 lakh+ network partners across 28 States and 5 Union Territories(p.36)
- • High transaction processing capability with 115 lakhs monthly transactions(p.38)
- • Material Subsidiaries with specific regulatory licenses and authorizations(p.26)
- • Extensive pan-India network presence(p.104)
- • Technology-focused business model with advanced digital platform(p.104)
- • Asset-light and scalable business model(p.104)
- • Holistic all-in-one solution in B2B and B2B2C models(p.104)
- • Strong return on equity performance(p.106)
- • Holistic B2B/B2B2C business model with diverse integrated product portfolio(p.139)
- • Substantial technology investment and proprietary digital platform capabilities(p.140)
- • Asset-light, scalable business model with network partner-centric approach(p.140)
- • Extensive pan-India distribution network with 3.60 lakh network partners(p.140)
- • Experienced management team with strong industry expertise(p.141)
- • Established fintech and financial services platform with diversified revenue streams(p.216)
- • Experienced management team with deep fintech and banking expertise(p.185)
- • Subsidiary companies with strong market positions in insurance broking and fintech services(p.177)
- • Improved profitability and cash generation in FY 2024(p.213)
- • Diversified revenue streams across multiple segments with balanced growth(p.273)
- • Strong profitability growth with PAT doubling year-over-year(p.287)
- • Improved EBITDA margins demonstrating operational efficiency(p.274)
- • Wholly-owned subsidiaries provide specialized service offerings(p.273)
- • Positive net worth and capital adequacy(p.311)
Weaknesses
- • Heavy dependence on a limited number of banking partners for substantial revenue(p.36)
- • Significant customer concentration with top 5 customers contributing 19.24% of revenue (FY2024)(p.45)
- • Negative operating cash flows in prior years despite profitability(p.41)
- • Unsecured loans repayable on demand create liquidity risk(p.44)
- • History of financial losses in certain Group Companies(p.49)
- • Limited control over network partners creates operational risks(p.37)
- • Prior instance of embezzlement from subsidiary account(p.46)
- • High debt-to-equity ratio indicating leverage(p.106)
- • Low current ratio below 1.0 indicating liquidity pressure(p.106)
- • Declining profitability margins year-over-year(p.106)
- • Dependence on portal balance from network partners creating working capital volatility(p.90)
- • Revenue decline in FY24 compared to FY23(p.139)
- • Low profit margins despite growth(p.139)
- • High debt-equity ratio of 1.02(p.139)
- • Current ratio below 1.0 indicating working capital stress(p.139)
- • Heavy reliance on full-fledged money changer services for revenue(p.152)
- • High dependence on related party transactions and promoter group entities(p.199)
- • Significant concentration of shareholding in promoter trust(p.198)
- • Young company structure with recent additions to board and key management(p.193)
- • Negative non-controlling interest in consolidated profit(p.213)
- • Significant borrowing obligations requiring interest payments(p.212)
- • High financial leverage with debt-equity ratio above 1(p.274)
- • Significant dependence on top customers for revenue(p.295)
- • Thin net profit margins in core money changer business(p.291)
- • Negative working capital position(p.274)
- • Significant increase in outstanding liabilities and receivables(p.293)
Opportunities
- • Rapid growth in Indian FinTech industry projected to reach $150 billion by 2025(p.26)
- • Massive Total Addressable Market ($1.3 trillion by 2025)(p.26)
- • Payments segment projected to reach $100 trillion transaction volume and $50 billion revenue by 2030(p.26)
- • India as the second-largest Insurtech market projected to grow 15x to $88.4 billion by 2030(p.26)
- • Digital lending market growth opportunity with valuations increasing(p.26)
- • WealthTech sector expansion to $237 billion by 2030(p.26)
- • Expansion of technology infrastructure to develop new capabilities through IPO proceeds(p.37)
- • Inorganic growth initiatives through acquisition of complementary businesses(p.47)
- • Deployment of Micro ATM infrastructure at scale(p.96)
- • Expansion of delinquent loan collection services(p.90)
- • Technology infrastructure enhancement for new service capabilities(p.98)
- • Inorganic growth through acquisitions and strategic initiatives(p.99)
- • India's robust and consistent economic growth(p.117)
- • Rapid deployment of Micro ATMs as growth catalyst(p.141)
- • India's fintech market expansion to $1.3 trillion TAM by 2025(p.127)
- • Strong digital payment infrastructure growth with UPI scaling rapidly(p.127)
- • India's expanding middle class creating consumption growth opportunities(p.119)
- • Rural India's economic significance with government-led financial inclusion initiatives(p.124)
- • Business Correspondent model expansion for financial inclusion(p.131)
- • Expansion of financial inclusion and digital payment services through BC/BF network(p.177)
- • Growth in insurance broking services through direct broking platform(p.180)
- • Development and expansion of technology platform and software solutions(p.235)
- • Enhancement of merchant network across India for various financial services(p.216)
- • Expansion of insurance broking business with strong initial momentum(p.287)
- • Growth in non-correspondent banking services(p.289)
- • Multi-branch Full-Fledged Money Changer operations across India(p.289)
- • Increasing demand for digital financial services and financial inclusion(p.273)
- • Potential to grow merchant network and channel partnerships(p.274)
Threats
- • RBI regulatory changes and control over banking partners' operations(p.36)
- • Intense and increasing competition in fintech industry(p.43)
- • Rapid technological change and need for continuous infrastructure upgrades(p.37)
- • Rising UPI and alternative digital payment adoption reducing competitive advantage(p.43)
- • Regulatory uncertainty on FFMC authorization renewal(p.40)
- • Changing privacy and data protection laws creating compliance costs(p.43)
- • Global economic and geopolitical uncertainties affecting operations(p.54)
- • Currency fluctuation risks affecting foreign investors and dividends(p.53)
- • Political instability and policy changes in India affecting business environment(p.54)
- • Dependence on top 10 suppliers for 90.87% of purchased goods (FY2024)(p.44)
- • Indian macroeconomic and currency risks(p.55)
- • Exchange rate fluctuations and currency controls(p.55)
- • Inflation impact on profitability(p.55)
- • Natural calamities and pandemics(p.56)
- • Sovereign debt downgrade risk affecting financing capacity(p.56)
- • Foreign investment restrictions limiting capital raising(p.55)
- • Highly competitive fintech and digital payments market landscape(p.155)
- • Regulatory changes in digital payments and financial inclusion sector(p.129)
- • Dependence on banking partner relationships and regulatory approvals(p.137)
- • Foreign exchange volatility impacting money changer business(p.120)
- • Regulatory requirements for multiple financial services licenses(p.137)
- • Regulatory changes in fintech and payment services sector(p.216)
- • Revenue decline in core business(p.213)
- • Competition in fintech and business correspondent services(p.203)
- • Potential conflict of interest with group company Microkred Technologies engaged in similar business(p.203)
- • Significant loans provided to related parties creating credit risk exposure(p.240)
- • RBI policy and regulatory changes affecting banking partners(p.274)
- • Intense competition in fintech and payment services(p.274)
- • Technology disruption and cybersecurity risks(p.274)
- • Seasonality and volatility in foreign exchange demand(p.286)
- • Concentration of borrowings with specific lenders(p.244)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ranveer Khyaliya | Promoter | Negligible | — |
| Nitesh Kumar Sharma | Promoter | Negligible | — |
| Deepankar Aggarwal | Promoter | — | — |
| Rajan Kumar | Promoter | — | — |
| Krishna Kumar Daga | Promoter | — | — |
| Charanjeet Singh | Promoter | — | — |
| Simran Singh Private Trust | Promoter | 89.53% | — |
| Ranveer Khyaliya | Promoter | 0.05% | — |
| Nitesh Kumar Sharma | Promoter | 0.05% | — |
| Simran Singh Private Trust | Promoter | 89.53% | — |
| Neeru Sehgal, Sachiv S Sahni, Bina Sahni | Owners of registered office property | — | — |
| Ranveer Khyaliya | Promoter | 0.0005% | — |
| Nitesh Kumar Sharma | Promoter | 0.0005% | — |
| Deepankar Aggarwal | Promoter | — | — |
| Rajan Kumar | Promoter | — | — |
| Krishna Kumar Daga | Promoter | — | — |
| Charanjeet Singh | Promoter | — | — |
| Simran Singh Private Trust | Promoter Group | 89.53% | — |
| Ranveer Khyaliya | Promoter | — | — |
Leadership
Ranveer Khyaliya · Chairman and Managing Director
Kush Mishra · Company Secretary and Compliance Officer
Nimesh Khandelwal · Chief Financial Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
RNFI Services IPO FAQs
What is the lot size of RNFI Services IPO?
The minimum lot size of RNFI Services IPO is 1,200 shares. One lot costs ₹1,26,000 at the cut-off price.
When does RNFI Services IPO open and close?
RNFI Services IPO opened for subscription on 22 Jul 2024 and closed on 24 Jul 2024.
What is the listing date of RNFI Services IPO?
RNFI Services IPO listed on 29 Jul 2024.